Connect with us

E-Business

Customer Data Has Monetary Value, Ignored By Organizations- Gartner

Published

on

gartner.jpg
Kindly share this post

Many organizations do not manage customer data as a corporate asset, and the monetary value of that data is often ignored, according to Gartner, Inc.

“Digital business is having a significant impact on customer data,” said Douglas Laney, vice president and distinguished analyst at Gartner. “The growing wealth of information — from social media, location and context-sensitive data collected from mobile devices and the Internet of Things— is increasing the volume, velocity and variety of that information, radically expanding the scope of the 360-degree customer profile.”

Although some organizations have begun to invest in big data technologies in relation to their customers, with a view to direct or indirect monetization, many organizations lack business models to monetize their customer data.

Gartner recommends that organizations apply infonomics principles to their customer data by managing it with the same discipline as any other corporate asset. “Organizations should use valuations of their customer data as the basis for prioritizing investments in technologies that help them acquire, maintain, enrich, archive and apply information. They should also calculate thorough business cases when designing monetization products,” said Mr. Laney.

By doing so, they will be able to create the necessary transparency for their stakeholders regarding the profitability of monetization initiatives. It will also enable them to present proof of the valuation of their information assets during any merger or acquisition, or in an initial public offering scenario,” added Mr. Laney.

Organizations should also learn how to monetize their customer data from industry examples and various business models currently in use.

For example, banks and credit card companies provide payment information value-added services (PIVAS) to retailers and merchant partners. Banks use PIVAS to understand customers better and to help them build stronger relationships with retailer and merchant communities.

Large retailers put their point-of-sale and other store promotion data online for their business partners to subscribe to. Some offer such data free to their suppliers; others monetize it by charging an access fee.

There are, of course, obstacles to the monetization of customer data, notably complex data privacy legislation and the public’s concerns.

Organizations must evaluate the associated risks in relation to data ownership and data privacy when developing a business model to monetize customer data. Products should then be designed on the basis of the organization’s level of risk tolerance.

Companies have to determine their risk tolerance in relation to how they want to monetize their customer data — for example, whether they want to design information products using anonymized or aggregated personal data.

More detailed analysis is available in the report “How Organizations Can Best Monetize Customer Data”.

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Business

FG Unveils ePharmacy Platform to Regulate Digital Pharmaceutical Services

Published

on

Kindly share this post

Federal government has inaugurated the Electronic Pharmacy Regulation Platform (E-Pharmacy) to enhance the safety of online healthcare services.

FG Unveils ePharmacy Platform to Regulate Digital Pharmaceutical Services

Pic credit….healthreporters.info

The platform, championed by the Pharmacy Council of Nigeria (PCN), is designed to regulate digital pharmaceutical services and improve public health outcomes.

Inaugurating the platform, Prof. Ali Pate, coordinating minister of Health and Social Welfare, said the initiative signified Nigeria’s commitment to building a world-class regulatory environment.

Pate noted that pharmacy regulation had faced significant challenges for over three decades but expressed optimism that the new platform would strengthen oversight and accountability.

He said the initiative would enable evidence-based monitoring of pharmaceutical practices while supporting innovation and investment in the health sector.

“This launch is a testament to our collective commitment to advancing technology in the service of health, safety and human dignity.

“It is a decisive step to ensure that pharmaceutical practice in Nigeria aligns with national and global health priorities, reflecting the realities of the 21st century.

“It enables the country to adopt evidence-based approaches to monitoring and protecting public health while supporting innovation and investment,” he said.

The minister added that the platform would help establish a safe, accessible and well-regulated national e-pharmacy ecosystem driven by digital technology.

Earlier, Alhaji Ibrahim Ahmed, registrar/chief executive officer of PCN, said the need to regulate online pharmacy operations became more urgent during the COVID-19 pandemic.

Ahmed said the pandemic accelerated the adoption of digital tools and e-commerce in healthcare, exposing longstanding inefficiencies in pharmaceutical supply chains, particularly in Africa and Nigeria.

“This has led to the increasing adoption of digitised distribution of essential medicines through cost-effective and technology-enabled models.

“For decades, PCN has regulated pharmacy education, training, practice and business in Nigeria. However, as the world shifts towards digital solutions, access to medicines has evolved.

“The Electronic Pharmacy Regulations 2026 provide a comprehensive legal and technical framework for the registration, licensing, operation and oversight of digital pharmaceutical services,” he said.

He added that the framework would ensure that ethical standards and patient safety are not compromised in the delivery of online pharmaceutical services.


Kindly share this post
Continue Reading

E-Business

Flutterwave Targets Anambra as South-East Tech Hub

Published

on

Kindly share this post

Olugbenga Agboola, CEO, Flutterwave, has announced plans to establish Anambra State as the company’s hub for Nigeria’s South East, leveraging a fresh banking license from the Central Bank of Nigeria (CBN) to boost local fintech and businesses.

Flutterwave Targets Anambra as South-East Tech Hub

Flutterwave

Agboola made the disclosure yesterday in Awka during a meeting with Anambra tech community leaders, hosted alongside Dr. Stanley Uzochukwu, CEO, Stanel Group and proprietor, Delborough Hotel.

He highlighted Flutterwave’s status as Africa’s leading payment system, born in Nigeria, with infrastructure powering companies nationwide.

“We want Anambra to be our hub for the entire South East,” Agboola said. “We’ll deploy our systems, fees, infrastructure, and POS terminals to every small business and large firm here, making our services the top consumer choice.”

Agboola pledged a massive impact program for Anambra entrepreneurs to foster global platforms from the state, enabled by the new license for faster growth.

For a decade, Flutterwave has facilitated payments, but now aims to empower South East businesses through partnerships, POS access, loans, and value for SMEs.

“We’re partnering on a huge impact program launching soon—impacting the tech community with technology, financing, and lending to create more millionaires from this city,” he added.


Kindly share this post
Continue Reading

E-Business

NESREA, ACMTI, Others Launch Carbon Utilisation Initiative in Nigeria

Published

on

Kindly share this post

The National Environmental Standards and Regulations Enforcement Agency (NESREA), in collaboration with the Africa Carbon Management Technology & Innovation (ACMTI) and the Clean Energy Ministerial Carbon Capture, Utilisation and Storage Initiative (CEM-CCUS), has launched a Carbon Capture, Utilisation and Storage (CCUS) Initiative Platform in Nigeria.

Speaking at the launch in Port Harcourt, Rivers State, Prof. Innocent Barikor, the Director-General of NESREA, described the project as a major milestone in Nigeria’s journey toward environmental sustainability, climate resilience, and industrial transformation.

Barikor explained that the CCUS solution provides an economically viable pathway for industrial decarbonisation by enabling the capture, storage, and utilisation of carbon in sectors such as beverage production, cement manufacturing, chemicals and fuels, enhanced oil recovery, and agriculture.

“We need to reduce carbon in the atmosphere to acceptable levels. Its utilisation offers opportunities to capture and store carbon and deploy it for industrial purposes. We are building a circular economy—turning environmental challenges into economic opportunities in line with regulatory provisions,” he said.

He noted that the CCUS Platform is a collaborative ecosystem designed to bring together key stakeholders, including government institutions, industry leaders, academia, technology developers, development partners, and investors.

Also speaking, the Vice-Chancellor of the University of Port Harcourt, Prof. Owunari Georgewill, commended NESREA for the initiative, describing it as a practical mechanism for coordination, innovation, and action toward Nigeria’s 2035 climate targets and broader energy transition goals.

He added that the university is well-positioned to host the CCUS initiative, noting that its Energy Technology Institute has developed credible expertise in energy transition-related fields critical to the success of CCUS in Nigeria.

On his part, the Coordinator of ACMTI and Facilitator of the Carbon Technology Innovation Platform (CTIP), Dr. Richard Victor Osu, said the vision is to position Nigeria as a regional leader in carbon management technologies while contributing meaningfully to Africa’s climate commitments and global decarbonisation efforts.

Osu explained that Port Harcourt was selected due to its potential as a CCUS hub, adding that the platform will focus on advancing research and innovation, building technical capacity, promoting public-private partnerships, attracting investment, and fostering collaboration with international research and technology partners.

Juho Lipponen of the CEM-CCUS Initiative assured that the organisation would support Nigeria in prioritising CCUS in clean energy discussions, strengthening carbon management deployment programmes, boosting partnerships, facilitating financing solutions, and promoting positive narratives around carbon utilisation.

The event attracted participants from the United States, France, Brazil, Canada, the United Arab Emirates, and the United Kingdom, who shared insights on the initiative.

Also in attendance were representatives of the National Oil Spill Detection and Response Agency (NOSDRA), the National Council on Climate Change (NCCC), the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), the Rivers State Ministry of Environment, as well as private sector stakeholders and development partners.


Kindly share this post
Continue Reading

Trending